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Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SYNTECH (HK) TECHNOLOGY LTD. |
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Registered Office : |
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.12.2010. |
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Com. Reg. No.: |
53481899 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of mobile phones, accessories, etc. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Source
: CIA
SYNTECH (HK)
TECHNOLOGY LTD.
ADDRESS: Unit 1, 12/F., Perfect
Industrial Building, 31 Tai Yau Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 2793 4308, 2763 9217
FAX: 2793 4678
Managing Director: Mr. Liu Lirong
Incorporated on: 15th
December, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Mobile Phone Trader.
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street,
San Po Kong, Kowloon, Hong Kong.
Associated Companies:-
Dongguan Jinming Electronics Co. Ltd., China.
Dongguan Jinzhong Electronics Co. Ltd., China.
Gionee (Beijing) Communication Equipment Co. Ltd., China.
* Gionee (HK)
Communication Equipment Ltd., Hong Kong.
* Gionee (HK)
Communication Technology Ltd., Hong Kong.
Hunan Jinweikang Biology Technique Co. Ltd., China.
Shenhen Gionee TFT-LCD TV Co. Ltd., China.
Shenzhen Gionee Communication Equipment Co. Ltd., China.
(* Same address)
53481899
1540759
Managing Director: Mr. Liu Lirong
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 15-12-2012)
|
Name |
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No. of shares |
|
LIU Lirong |
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1,000,000 ======= |
(As per registry dated 15-12-2012)
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Name (Nationality) |
Address |
|
LIU Lirong |
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po
Kong, Kowloon, Hong Kong. |
(As per registry dated 15-12-2012)
|
Name |
Address |
|
NG Ching Yee |
Room 202P, 2/F., Lai Cheong Factory Building, 479‑479A Castle
Peak Road, Kowloon, Hong Kong. |
The subject was incorporated on 15th December, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 106, 1/F., Max Trade Centre,
23 Luk Hop Street, San Po Kong, Kowloon, Hong Kong, moved to the present
address with effect from 3rd October, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of mobile
phones, accessories, etc.
Employees: 8.
Commodities Imported: China, European countries, etc.
Markets: Hong Kong, China, other Asian
countries, Europe, Middle East, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Assignment of Receivables - General:
05-10-2012
Amount: (i)
all monies and liabilities; (ii) interest on such monies; (iii) all expenses
Property: The
Customer assigns and agrees to assign, to the Chargee the Receivables.
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made a small
profit in 2012.
Condition: Business is improving.
Facilities: Is making use of general banking
facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 1 million ordinary shares of HK$1.00 each, Syntech (HK)
Technology Ltd. is wholly owned by Mr. Liu Lirong who is a China merchant. He is a China ID holder and does not have the
right to reside in Hong Kong permanently.
Liu is also the only director of the subject.
The subject is a member of the Gionee Group. The President of the Gionee Group is also Liu
Lirong.
The subject has had two main associated companies Gionee (HK)
Communication Equipment Ltd. and Gionee (HK) Communication Technology Ltd.
located at its operating address. Both
firms are referred to Gionee which are mobile phone traders. Gionee is trading in mobile phones imported
from Italy. It also trades in its own
products bearing the trade mark “Gionee”.
Gionee and the subject are applying licences from Communications
Authority (CA), The Government of Hong Kong SAR, the People’s Republic of China
as a Radio Dealer (Unrestricted) Licensee.
The factory of Gionee in Shenzhen SEZ is known as Shenzhen Gionee
Communication Equipment Co. Ltd. [Shenzhen Gionee].
The subject is also a mobile phone trader. Shenzhen Gionee is engaged in mobile phone
trading and manufacturing.
Founded on 6th September, 2002 and with a registered capital of RMB200
million Yuan, Shenzhen Gionee is specialized in R&D, manufacturing and
domestic and overseas sales of mobile phones.
In May 2005, Shenzhen Gionee obtained licenses for the production of GSM
and CDMA mobile phones in China. Its
production capacity is about 7 million mobile phones per year.
The headquarters of Shenzhen Gionee now has more than 360 employees with
an average age of less than 30, 90% of whom possess a bachelor degree, among
which 20% of them have got a master degree and 3% have got a doctor degree.
Gionee has invested nearly RMB300 million Yuan in setting up two
factories - Dongguan Jinming Electronics Co. Ltd. and Dongguan Jinzhong
Electronics Co. Ltd.. Both factories
cover an area about 60,000 sq.m. in total.
With an annual production capacity of 15 million sets, the two factories
are claimed to be two of the largest ‘highly automated and modernized
manufacturing bases’ of mobile phones in the Pearl River Delta, Guangdong
Province, China.
Now, Gionee has had over 40 provincial customer centres in China. The customer centres are able to offer
customers with after-sale services and technology supports.
Besides, Gionee also exports its mobile phones to Western and Eastern
Europe, Africa, the Middle East, Southeast Asia, etc. besides marketing in
China.
In recent years, Gionee has been engaged in diversified economy such as
LCD and TFT business, as well as engaged in biotechnology. These businesses are undertaken by separate
entities.
The subject is fully supported by the Gionee Group. However, the Group has been facing acute
competitions.
The history of the subject in Hong Kong is just over two years and a
months.
On the whole, since the history of the subject is short in Hong Kong,
consider it good for normal business engagements on L/C basis for the time
being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
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|
1 |
Rs.83.77 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.